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of the federal government. if passed texas would be the first state to have its own fort knox. joining us now to talk more about this is senior managing director at tangent capital. what's going on here? >> it's proposed legislation. it would set up a bullion depository. it also allows for silver and platinum. >> is that because they don't trust the federal government? >> sure, in part. you want to give people a way to store their gold properly. this is safe storage. what's interesting about it is there are sovereign depositories like fort knox. this is the first for private gold. and the law says if the federal government pro ports to confiscate we consider that null and void. this would be a way to prevent that. so you would be relying on texas sovereignty. >> this is interesting. you hear of the germans bringing gold and not wanting to leave it in the u.s. >> hugo chavez did that a couple of years ago. he had armored cars going through the streets of caracas. azerbaijan, small player, but they're taking their gold. it's being debated in the netherlands. so what we are seeing is a slow moti
of the state. if passed, texas would be the first state to have its own ft. knox, essentially, allow ting it to be protected by the tenth andment. if your home state could make its own protected depository for anything, what would it be and why? tweet us at squawk street and we'll get you responses in the next hour. >> in the meantime, interrupt. i believe we know why the markets have turned south. the head of the eurozone group, what we've seen in cyprus is now a template for future bailouts or bank restructurings. the market is taking that to mean there won't be losses potentially for depositor or senior bondholders who rank at the same level in the pecking order. it's really just confirming the fears that we've been talking about during the course of the last 60 minutes. >> right. >> meantime -- meantime -- >> hard to know what you're going to talk about tonight. >> i know. the markets are no in flux. we do have one strategy at citi who says the worst is yet to come when it comes to cyprus and its impact on the markets. of course, fast money madness continues. >> oh, yeah. >> so if you
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